Assertion (A): Sinking fund is a charge against profit and loss account.
Reason (R): Sinking fund is created for repayment of a long-term liability.
Which of the following statements is correct?

In the case of dissolution of a firm, which one of the following statements is correct?

Consider the following statements.
1. Inventory includes raw material, finished goods and goods in process.
2. Inventory is the part of working capital.
3. Inventory includes goods likely to be purchased in the coming months.
Which of the statements given above are correct?

Which of the following is not incorporated in the Partnership Act?

A and B are partners sharing profits in the ratio of 2 : 1 They admit C who agrees that his share of goodwill Rs. 15,000 be debited to his capital he is required to bring in. The future profit sharing ratio of A, B and C will be 2 : 3 : 3 respectively.
A's Capital account in lieu of goodwill will be credited by:

The primary function of the book-keeping is to